(Filed Under Financial and General Interest News). Li & Fung Ltd., a Hong Kong-based supply-chain manager and global sourcing firm, named Bruce Rockowitz President and Chief Executive Officer as part of a reshuffling of top management positions, part of a long-term strategy aimed at positioning the firm for future growth.
The company, whose customers include well-known chains like Kohl’s, Target, and Walmart, also stated that Chairman Victor Fung Kwok-king will step down by next year, at which time his brother, William Fung Kwok-lun, would take over the chairmanship. Victor Fung will continue at the company as a non-executive director as well as chairman of the firm’s risk management and sustainability committee.
"Li & Fung has reached a size and scale that requires a new organizational structure," Victor Fung said in a statement. "These arrangements are designed for Li & Fung to manage even more effectively our diverse and fast-growing business across the world."
As President and C.E.O., Rockowitz will oversee Li & Fung’s recently unveiled three-year plan as well as the company’s development into three global networks: distribution, trading and logistics. Nine newly promoted presidents in the three networks will be reporting to Rockowitz. The plan has set a goal to double its core operating profit to $1.5 billion in 2013, with the distribution, trading and logistics businesses expected to bring in $700 million, $700 million and $100 million respectively.
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